New Delhi : Retirement fund body EPFO will not allow higher contribution towards pension scheme in fresh cases for time being as it causes additional financial burden on the Employees’ Pension Scheme 1995 (EPS-95), an EPFO office order for the field staff said.
EPFO has been allowing members to contribute more than mandatory amount towards their pension account.
The officer said, “Every option for contribution on higher wages is putting the pension fund under strain on account of the higher payout obligation.”
Therefore, the maximum amount of Rs 541 per month can be contributed to a member’s pension account. Those members who get more than Rs 6,500 as basic wages, are required to seek permission for higher contributions.